Question: Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation. Do not round intermediate calculations.) Date of
Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation. Do not round intermediate calculations.) Date of Note April 1 July 2 March 7 Terms 60 days 30 days 6 months Maturity Date May 31 August 1 September 7 Principal $540,000 100,000 120,200 Annual Interest Rate 6 % VA TA 9 % $ Total Interest $500
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SOLUTION To determine the missing amounts we need to use the simple interest formula Interest Princi... View full answer
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